1. Cancellation of penalties on Economic Substance Requirements (ESR) - Cabinet Decision No. 98 of 2024.
The new Decision adds a new article to the Cabinet Decision No. 57 of 2020 Concerning Economic Substance Requirements. The new article states that the ESR Decision now applies only to fiscal years beginning on January 1, 2019 and ending on December 31, 2022.
In this regard, according to the new Decision, all administrative fines imposed under the ESR Decision must be waived after December 31, 2022.
The new Decision entered into force on September 2, 2024.
2. On Financial Reorganization and Bankruptcy - Cabinet Decision No. 94 of 2024.
According to the new Decision, a debtor may apply for a preventive settlement, restructuring or bankruptcy procedure through the Bankruptcy Division. The procedures and conditions are spelled out in the new Decision. Detailed information on preventive settlement to avoid bankruptcy is also provided.
The decision is effective from May 2, 2024.
3. On the Entry and Residence of Foreigners - Cabinet Decision No. 95 of 2024.
The decision introduces a new visa type – Blue Residence Visa. The new type of...